First National Financial Corp has completed privatization deal

First National Financial Corp (TSE:FN) has officially completed its $2.9-billion privatization deal, marking a major ownership shift for one of Canada’s largest non-bank mortgage lenders. The transaction, first announced in July, sees private equity firms Birch Hill Equity Partners and Brookfield Asset Management acquire roughly 62% of First National’s equity through a new holding entity, Regal Holdings LP. 

Under the agreement, all outstanding common shares were purchased for $48 per share in cash, representing about a 15% premium over the company’s 30-day average at the time of the announcement. The deal values the company at approximately $2.9 billion.

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